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Lyocell Fiber Market worth over $1.5bn by 2024

Published Date: July 11, 2017 Author: Global Market Insights, Inc.

Lyocell Fiber Marketsize will reach over USD 1.5 billion by 2024; according to a new research report by Global Market Insights, Inc.

Fashion trends have changed rapidly over the past few years and will continue to do so in the coming years, which will drive the industry growth. Modern technology and fibers have been developed which have escalated the use of better quality materials and has driven the lyocell fiber marker demand. Brands have started focusing on fibers that can be recycled and can be reused after the end of a product’s lifecycle.

Government initiatives have been taken to adopt sustainable fibers for textile and apparels industry. The apparels segment in North America accounted for a major chunk of the product share (over 40%) in 2016. The environment friendly production process of the material also acts as a major driver to boost the lyocell fiber market. There has been a significant impact through social media on the apparel segment, which in turn has positively influenced the industry.

The petrochemical fibers have been substituted by cellulosic man-made fibers, which has spurred the product adoption in the manufacturing processes. The pressure on synthetic fiber manufacturers has increased due to the increasing demand for naturally derived fibers. The product finds its application in various segments such as baby diapers, home textiles, apparels, automotive filters, surgical products and many more. The healthcare and wound care textiles segment is likely to grow at a robust pace, owing to the evolving technologies for recovery of surgical wounds, thus propelling lyocell fiber market.

Despite numerous opportunities, lyocell fiber market will face challenges due to its expensive pricing compared to the eco-friendly alternatives. Extra caring of delicate fabrics such as cold rinse, hand wash, and dry-clean can increase the maintenance costs as well. Also, the product shrinks up to 3% after the first wash. These factors will act as lyocell fiber market restraints in the coming years.

Cellulose fibers are used for the manufacturing of superior quality textiles which have boosted the lyocell fiber market. The fiber is biodegradable, natural in nature and economical in use which is obtained from natural cellulose found in wood pulp. Also, the fabric has natural breathability and with a superior moisture absorption capacity than cotton. Moreover, due to its moisture management properties, lyocell is also anti-bacterial in nature. These properties will open new growth avenues in various new products for lyocell fiber market in coming years.

The Asia Pacific market has been penetrated by several baby diaper brands, which will give a thrust to the lyocell fiber market. Rising disposable income of people in Asia Pacific has led to a high demand for baby diapers, which has augmented the product market growth. The region will grow with a substantial CAGR of approximately 8% by 2024. India and China will witness a soaring demand for baby diapers, owing to the high birth rates and rising awareness about pediatric hygiene. Indonesia has witnessed expansion of non-woven market which will accelerate the product market growth in the forecast period.

Clothing and textiles is a diverse sector in Europe and has been subjected to technological transformations. Non-woven fabrics for automotive industry and medical sector have been produced in massive quantities in Europe, which will positively influence the lyocell fiber market. Europe will account for over 12% of the market share in 2024 due to presence of viable cost-effective substitute materials and their growing popularity over lyocell fibers, majorly in the apparels segment.